Broad coalition launches #PublicBankNYC campaign

Activists from more than two dozen grassroots organizations including New Economy Project and Public Bank NYC took to the streets of Wall Street on Tuesday to launch a campaign for a NYC Public Bank. Carrying signs reading “Public Bank for Public Good,” and chanting, “Wells, Chase, B of A, public bank’s a better way!” advocates called for a paradigm shift:

“Every year, New York City deposits billions of dollars of public money in big banks like Chase, Bank of America, and Citibank. On top of that, Wall Street extracts many millions of dollars in fees and interest from New York City. This means that our public money is supporting Wall Street’s destructive activities: foreclosing on our homes, fueling the climate crisis, redlining communities of color, backing private prisons and immigrant detention centers, and financing war — to name a few.

“Enough! Clearly we need a paradigm shift, and we call that shift Public Bank NYC.”

“‘New York deserves a public bank that will invest in community needs, and be accountable to New York City residents—one that will prioritize housing…and not prey on low-income New Yorkers,’ said Scott Hutchins, a member of the grassroots social justice group Picture the Homeless. …

The sheer volume of cash that legalized pot is triggering is generating the kind of political will needed to create a Public Bank as the solution. We ask: Why not use the power of a Public Bank to help everyone?

“The state Senate passed a bill this week to create a state charter for banks to serve California cannabis businesses, which would allow licensed merchants to write checks to pay taxes, fees and vendors — rather than use large amounts of cash, as they currently do.

“SB930, by state Sen. Robert Hertzberg, D-Van Nuys, now heads to the Assembly.”

Washington DC held the first two of four public meetings about establishing a Public Bank

Washington DC’s Department of Insurance Securities and Banking held the first and second of a series of public meetings May 30 and June 6 on a proposal to establish a Public Bank in the District. The slides created for the meeting closely quoted Public Banking Institute’s language in defining a Public Bank.

The slides presented are available online and audio of the meetings should be available shortly.

American Banker: Wells Fargo is not alone: OCC finds sales abuses at other banks, but report is being kept hidden

Wells Fargo’s fraudulent practices are commonplace in the banking industry according to a new report. “Hundreds of problems” and “systemic issues” were discovered in a review of large and midsize banks’ sales practices, yet federal regulators currently have no plans to make the results public.

“The Office of the Comptroller of the Currency began a broad examination of more than 40 banks after it was revealed that employees at Wells Fargo had opened millions of fake accounts in an effort to meet aggressive sales goals.

“The review uncovered specific examples of other banks opening accounts without proof of customers’ consent, an OCC spokesman acknowledged Tuesday. It also spurred the issuance of warnings on five specific industrywide issues that banks needed to address, and more than 250 specific items regulators wanted fixed at individual banks, according to a consultant briefed on the OCC’s findings. …

“Yet the results of the review have not been publicly disclosed, and OCC has no plans to release a report, according to Bryan Hubbard, a spokesman for the agency.

“Hubbard declined to comment on why the agency is not making the results public. …

**Thank you to everyone who’s working so hard to make Public Banks a reality! Please consider suggesting to your elected officials that they sign up for our PBI newsletter so that they can keep up to date.**

Coming Public Banking Events

Washington D.C | June 27, 6:30pm – 8:30pm ET | DISB Meeting on proposal to establish a Public Bank in the DistrictLocation TBD. Join the Department of Insurance, Securities and Banking for a series of public meetings on a proposal to establish a public bank in the District of Columbia. The purpose of the public meetings is to educate District of Columbia residents, small business owners and other stakeholders on the core tenets of public banking and provide relevant information on public banking from other states and municipalities. Attendees can provide feedback on topics such as the bank’s purpose, mission and services. More info here.

Washington D.C | July 25, 6:30pm – 8:30pm ET | DISB Meeting on proposal to establish a Public Bank in the DistrictLocation TBD. Join the Department of Insurance, Securities and Banking for a series of public meetings on a proposal to establish a public bank in the District of Columbia. The purpose of the public meetings is to educate District of Columbia residents, small business owners and other stakeholders on the core tenets of public banking and provide relevant information on public banking from other states and municipalities. Attendees can provide feedback on topics such as the bank’s purpose, mission and services. More info here.

Please send us notice of Public Banking events in your area, and we’ll help spread the word!
Email [email protected]